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HomeAltcoin NewsEthereum Price Analysis: ETH Surges To New ATH Above $3,400

Ethereum Price Analysis: ETH Surges To New ATH Above $3,400

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  • Ethereum price started a fresh rally above the $3,000 resistance against the US Dollar.
  • ETH price is currently trading well above $3,000 and the 55 simple moving average (4-hours).
  • There is a crucial bullish trend line forming with support near $3,140 on the 4-hours chart (data feed from Coinbase).
  • The pair is correcting gains, but it is likely to find bids near the $3,150 and $3,000 levels.

Ethereum price is gaining pace above the $3,000 level against the US Dollar. ETH/USD rallied to $3,450 and it is now showing signs of a downside correction.

Ethereum Price Analysis

After forming a base above the $2,200 level, ethereum found started a strong increase against the US Dollar. ETH broke many hurdles near $2,400 and $2,500 to move into further into a bullish zone.

The price broke the $3,000 barrier and settled well above the 55 simple moving average (4-hours). A new all-time high is formed near $3,458 and the price is now correcting gains. It spiked below the $3,350 and $3,300 support levels.

There was a break below the 23.6% Fib retracement level of the upward move from the $2,864 swing low to $3,458 high. An initial support on the downside is near the $3,180 and $3,160 levels.

Moreover, there is a crucial bullish trend line forming with support near $3,140 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the upward move from the $2,864 swing low to $3,458 high. A downside break below the trend line might call for a test of the $3,000 support zone.

On the upside, an initial resistance on the upside is near the $3,350 level. The first major resistance is near the $3,450 level. The main hurdle is at $3,500, above which the price could start a wave towards the $3,800 and $4,000 levels in the near term.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading well above the $3,000 level and the 55 simple moving average (4-hours). Overall, ether price is correcting gains, but it is likely to find bids near the $3,150 and $3,000 levels.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well above the 50 level.

Key Support Levels – $3,160, followed by the $3,000 zone.

Key Resistance Levels – $3,400 and $3,500.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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